Global Electronic Music Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Electronic Music Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Electronic music is music made using electronic musical instruments and electronic music technology; and musicians who create or perform this type of music are called electronic musicians. Generally speaking, it can be distinguished by the use of electronic mechanical technology and the sound produced by electronic technology. The equipment that uses electronic machinery to produce sounds includes tele-reed organs, Hanmen-style electric organs, and electric guitars; while pure electronic sound production equipment includes Tremen, sound synthesizers, and computers.

Market Overview:

The latest research study on the global Electronic Music market finds that the global Electronic Music market reached a value of USD 7343.01 million in 2022. It’s expected that the market will achieve USD 10773.41 million by 2028, exhibiting a CAGR of 6.6% during the forecast period.

The epidemic has severely hindered the development of the industry in a short period of time

Due to the recent COVID19 pandemic and social differences, the Electronic Music market is mainly experiencing slow growth. In many countries/regions, strict government policies require lock-in, which further hinders the growth of the electronic dance music market.
North America and Europe, the core of Electronic Music, have been affected by the epidemic. Millions of people have been infected. These areas must implement strict prevention and control measures to limit the spread of the epidemic based on that step. In this case, music festivals, bars and other places were forced to suspend business. As of April 20, 2020, 350 electronic music festivals have been cancelled or postponed, and the revenue of clubs and music festivals has fallen by nearly 75%. It is estimated that artists' income will drop by 61% from 1.1 billion US dollars to 400 million US dollars. As more people are forced to stay at home in self-isolation, they choose to listen to music on the Internet, so online business has increased, but this does not make up for the lack of income in other places.

Technological progress promotes the development of the entire music industry

The music industry has produced more and more fruitful businesses, thanks in part to technology. The most innovative companies have already benefited from the technological possibilities: creating more personalized strategies to increase interaction with artist fans, discovering new talents and even related brands with which they form partnerships. Audience intelligence, big data or artificial intelligence are changing many fields, and electronic music is no exception. Major players in the industry can use big data to more accurately grasp the dynamics and needs of downstream customers, thereby promoting the further development of the industry.

Copyright issues hinder the development of electronic music

Electronic music is a broad genre of music, covering various sub-genres that vary according to speed, influence introduced from other genres, and many other attributes. For all forms of electronic music, it is indispensable to combine various recorded sounds to create a cohesive music track concept. Producers of electronic music will get a sound library that can use these sounds from a variety of sources, sometimes making their own recordings of musical instruments, while others use pre-existing sounds. It is conceivable that as long as the producer uses the recordings of others, copyright protection may be involved. Although statutory law and case law provide some guidance that the use of these pre-existing recordings may put the producer liable for copyright infringement, the risk of litigation for a specific purpose may not always be obvious. It is worth mentioning that in many markets with imperfect regulatory systems, the copyrights of completed works are easily overlooked and are not protected.

Region Overview:

Geographically, Asia-Pacific held the largest market share – 36.99% in 2022.

Company Overview:

Ultra Music is one of the major players operating in the Electronic Music market, holding a share of 1.17% in 2023.

Ultra Music

Ultra Music is formed in New York in 1995. It is a worldwide music entity, comprising Ultra Records, Ultra Music Publishing, and Empire Artist Management.

Ministry of Sound

Ministry of Sound is a multimedia entertainment company headquartered in London, with nightclubs, shared workspaces and private membership clubs around the world.

Segmentation Overview:

By type, Trap segment accounted for the largest share of market in 2022.

Application Overview:

By application, the DJs & Live Acts segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Electronic Music market covered in Chapter 3:

OWSLA
Defected
Ultra Music
Dim Mak
Revealed Recordings
Spinnin’ Records
Armada Music
Mad Decent
Ministry of Sound
Monstercat

In Chapter 4 and Chapter 14.2, on the basis of types, the Electronic Music market from 2018 to 2029 is primarily split into:

Trance Music
Trap
Glitch Hop
Chillout Music
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electronic Music market from 2018 to 2029 covers:

Clubs
DJs & Live Acts
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)